India Post Payments Bank (IPPB) uses the huge network of post offices and postmen to bring basic banking to every corner of the country, including remote villages. Here is a guide to what it offers and how to open an account.
About IPPB
IPPB was launched on 1 September 2018. It is owned fully by the Government of India through the Department of Posts and is regulated by the Reserve Bank of India as a payments bank. It works through post offices and through postmen and Gramin Dak Sevaks who carry smart devices.
What a payments bank can do
- Accept deposits up to a limit.
- Offer savings and current accounts.
- Provide payments, transfers and bill payments.
- Issue debit cards and offer UPI.
A payments bank cannot give loans or issue credit cards. IPPB offers some loan and insurance products as a referral partner of other companies.
Deposit limit
The RBI allows payments banks to hold a maximum balance of Rs 2 lakh per individual customer at the end of the day. Extra money can be swept into a linked account with a partner bank, if you opt for it.
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How to open an account
- Visit any post office or ask your postman for doorstep account opening.
- Give your Aadhaar number and mobile number.
- Complete biometric verification.
- Your account is opened instantly, and you get a QR card.
You can also open a digital savings account through the IPPB mobile app with Aadhaar and PAN, and later complete full KYC.
Doorstep services
- Cash deposit and withdrawal at home through the postman.
- Aadhaar Enabled Payment System (AePS): withdraw cash from any bank account linked to your Aadhaar using your fingerprint.
- Receiving pensions, MGNREGA wages and government benefits through DBT.
- Digital life certificate for pensioners.
- Bill payments and money transfers.
Some doorstep services carry a small charge. Check current charges on the IPPB website.
Linking with Post Office savings
IPPB accounts can be linked to Post Office Savings Bank accounts, so you can deposit into schemes like Recurring Deposit, PPF and Sukanya Samriddhi through the app.
Safety tips
- Never share your OTP or PIN with anyone, including callers claiming to be from the bank.
- Use the official IPPB app only.
Bottom line
IPPB makes basic banking simple, especially for rural families and senior citizens. With Aadhaar and a mobile number, you can open an account at your doorstep in minutes.
Source / स्रोत: India Post Payments Bank, Department of Posts, Reserve Bank of India
